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LVR reports local home prices springing forward

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LVR reports local home prices springing forward


LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows local housing prices springing forward in April, with condo and townhome prices reaching a record high.

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during April was $469,000. That’s up 9.1% from $430,000 in April of 2023. However, local home prices are still below the all-time record of $482,000 set in May of 2022.

2024 LVR President Merri Perry
2024 LVR President Merri Perry

The median price of local condos and townhomes sold in April was $290,000, up 7.4% from $270,000 in April 2023. That’s an all-time high, surpassing the $287,000 mark set in August of 2022.

LVR President Merri Perry, a longtime local REALTOR®, said local home prices have remained resilient this year despite recently rising mortgage interest rates. Despite rising rates, she was pleased to see an increasing number of properties being sold last month.

“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

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By the end of April, LVR reported 3,476 single-family homes listed for sale without any sort of offer. That’s down 7.0% from one year earlier. Meanwhile, the 1,248 condos and townhomes listed without offers in April represent a 29.5% increase from one year earlier.

LVR reported a total of 2,960 existing local homes, condos and townhomes sold in April. Compared to April 2023, sales were up 19.2% for homes and up 16.1% for condos and townhomes. The sales pace in April equates to less than a two-month housing supply, which is similar to one year ago and considered low by historical standards.

According to LVR, 2023 was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.

During April, LVR found that 26.9% of all local property sales were cash transactions. That’s up from 22.3% one year ago. That’s well below the May 2013 cash buyer peak of 59.5%.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.2% of all existing local property sales in April. That compares to 0.8% one year ago, 0.5% two years ago, 0.9% three years ago, 1.5% four years ago and 3.0% of all sales five years ago.

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These LVR statistics include activity through the end of April 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

  • The total value of local real estate transactions tracked through the MLS during April was more than $1.4 billion for homes and more than $193 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in April were up 35.4% for homes and up 28.5% for condos and townhomes.
  • In April, 83.0% of all existing local homes and 84.1% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 71.5% of all local homes and 75.7% of all condos and townhomes sold within 60 days.

About LVR

Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.



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Nevada

28-year-old inmate at Southern Nevada prison dies

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28-year-old inmate at Southern Nevada prison dies


A man serving time at the Southern Desert Correctional Center for felony reckless driving died last month, the Nevada Department of Corrections said Tuesday.

Shiloh Walker, 28, died at the Indian Springs facility on Nov. 24, a news release said. Cause of death was not listed.

Walker was serving a sentence of up to six years after a plea agreement was reached in 2022 following a DUI crash that happened May 31, 2021 in Las Vegas, according to online court records.

An autopsy was requested following Walker’s death, though results were not available as of Monday evening. Attempts to reach Walker’s family members have been unsuccessful, according to the department.

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Contact Bryan Horwath at bhorwath@reviewjournal.com. Follow @BryanHorwath on X.



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Is USPS breaking vow not to use Sacramento for Northern Nevada mail?

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Is USPS breaking vow not to use Sacramento for Northern Nevada mail?


After widespread condemnation last year, the U.S. Postal Service backed away from plans to move its Reno mail-processing operations to Sacramento — but did it stay true to what it told the public?

The question arose recently after letters sent from one Carson City address to another in Carson City were both postmarked in Sacramento.

Northern Nevadans did not want first class mail sent from one Northern Nevada address to another going first to California. They sent a unified message to the USPS all the way up to the postmaster general.

Critics of the USPS plan were especially worried about delays from mail having to go back and forth over the Sierra during winter.

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The Washoe County District Attorney’s office filed a lawsuit over the plan, the Washoe County Commission voted to oppose the plan, public comment was universally opposed, and Democratic and Republican elected officials from across the state joined to stop it.

Could it possibly have happened anyway? The answer is yes, temporarily, for a brief time.

How letters sent in Carson City came to be processed at Sacramento USPS facility

A reader told the Reno Gazette Journal they’d twice had letters internal to Carson City postmarked in Sacramento, so we asked USPS if the policy had changed.

“Mail processing for First Class mail that originates in Northern Nevada and is destined to Northern Nevada has not changed,” USPS spokesperson Sherry Patterson responded by email.

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“However,” she added, “without the specific mail piece and class of mail, we cannot determined if there is an issue.”

The reader then supplied a photo of the two envelopes postmarked Nov. 5 in Sacramento, and this was shared with USPS.

“Our processing machine in Reno was temporarily out of service while we awaited a replacement part,” Patterson said after viewing the postmarks to nail down the specific date the letters went through Sacramento.

“To ensure that mail was not delayed during this time, we implemented a contingency plan that involved routing certain mail to our Sacramento facility for cancellation and processing. This measure allows us to maintain service continuity and minimize disruptions for our customers. We understand that this may cause some confusion, and we are committed to ensuring that all mail is processed efficiently and accurately.”

Bottom line: Regarding first class mail that’s being sent to and from Northern Nevada addresses, it’s still USPS policy to process that in Reno at its Vassar Street facility, she said.

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The path these particular letters took, Patterson added, “is indeed an unusual occurrence.”

Mark Robison is the state politics reporter for the Reno Gazette Journal, with occasional forays into other topics. Email comments to mrobison@rgj.com or comment on Mark’s Greater Reno Facebook page.



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Holiday loneliness affects thousands in Nevada as many face Christmas away from loved ones

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Holiday loneliness affects thousands in Nevada as many face Christmas away from loved ones


LAS VEGAS (KTNV) — Loneliness has become a significant health issue for people everywhere, and the holiday season sometimes intensifies those feelings. For many, December looks like family gatherings, matching pajamas and bustling homes. But this time of year can also be very difficult for those who may be battling distance, work commitments or recent life changes.

Marc Valli, an Army veteran who served in Vietnam, has lived in Las Vegas since 1988. He moved to Nevada to join a ministry and be closer to his wife’s parents.

WATCH| Shellye Leggett talks to an army vet who’s recently moved into Escalante at the Lakes assisted living facility

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Holiday loneliness affects thousands in Nevada as many face Christmas away from loved ones

“I wanted to come and join ministry here. Also my wife’s parents lived here,” Valli said.

Valli’s wife Barbara, known to friends and family as Bobby, passed away in 2018 after 54 years of marriage.

“I’m still counting the years. We’ve been married 54 years,” he said.

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His children moved him into Escalante at the Lakes assisted living facility in June, making this his first holiday season in his new home.

“People are very nice, they treat you good,” Valli said.

Come Christmas Day, the facility’s common room will be filled with residents ready for holiday activities, but Valli hopes to get outside these walls to see his family that still lives nearby.

“I have grandkids. One goes to Cal Poly. He’s here right now, but he’s on vacation, and then I have two little granddaughters, one’s 11, one’s 7,” Valli said. “I don’t know if they’re gonna come for Christmas or I’m going there.”

Gus Farias, the executive director of Escalante at the Lakes Assisted Living, says many of his residents don’t have family nearby. Keeping their spirits high throughout the holidays is an important task.

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“We can tell when our residents are feeling down. There’s a lot of pressure during the holidays because some of our residents don’t have families that are nearby, but they have us,” Farias said.

The organisation A Mission for Michael released a study showing just how many people are expected to spend the holidays alone this year. Nevada ranked 43rd on the list of loneliest states, with more than 212,000 people expected to spend Christmas by themselves.

“It’s pretty surprising that there’s so many Nevadans that are gonna spend the holidays by themselves,” Farias said.

He says combating loneliness will take a community effort.

“When you’re at the grocery store or whatever, reach, look back and ask them, you know, wish them a merry Christmas or happy holidays and ask them how they passed their holidays in the past because we, we as a younger generation than our seniors, we can learn a lot from that,” Farias said.

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It’s an effort that Valli says makes the holidays a little brighter.

“Oh, it makes a big difference,” he said.





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